Financial Aid - Student Loan Process

Student Loan Process

What's New:

Starting for the Fall 2012, all borrowers must complete a series of Life Skills offered through USA Funds. USA Funds Life Skills is a free online learning program that offers you advice for managing your time and money wisely while on campus and after graduation. Los Angeles Mission College is dedicated to supporting student success. Often, some students need to borrow money to help with school related expenses. Typically, a student who needs to borrow money to get through school is making a good investment for the future. Howerver, many students enter into debt without a clear picture of how it will affect them in the future. Therefore, we require students to complete several Life Skills lessons to support student success.

Eligibility Requirements:

Prior to being considered for a Direct Stafford student loan, students must complete the Free Application for Federal Student Aid (FAFSA), which is available at www.fafsa.gov. Make sure our Federal School Code (012550) is listed on your FAFSA. You may pick up the FAFSA On The Web Worksheet in the Financial Aid Office.

Student's loan eligibility is determined by the information provided on the FAFSA, the length of enrollment period and satisfactory academic progress.

Students who are requesting Direct Stafford student loans are required to complete their Student Loan Entrance Counseling requirement by: 1) taking an on-line quiz via https://studentloans.gov (for CONTINUING borrowers) 2) In-person entrance counseling workshop (for NEW borrowers). Please contact the Financial Aid Office to schedule a workshop. The Entrance Counseling requirement reinforces the information borrowers need in order to understand their rights and responsibilities related to borrowing a student loan. Students must be enrolled in at least one (1) unit at Los Angeles Mission College, and a total minimum of six (6) units, to be considered for a student loan. Students must have an Award Letter prior to submitting the Student Loan Application Form to the Financial Aid Office.

Deadlines for 2014-2015

November 20, 2014 - to Request for a Direct Stafford Loan for Fall 2014 only students

May 14, 2015 - to Request for a Direct Stafford Loan for Spring 2015

NOTE: Students who are planning to attend both Fall 2014 & Spring 2015ANDhave submitted a loan application AFTERThursday, November 20, 2014 should expect to beprocessed in January 2015.

Loan Application Process:

Step 1:

All borrowers (you the student) must complete the Student Loan Entrance Counseling requirement by 1) taking an on-line quiz via https://studentloans.gov (for CONTINUING borrowers) or 2) In-person entrance counseling workshop (for NEW borrowers). All NEW borrowers must complete a series of Life Skills tests. Please contact the Financial Aid Office to schedule a workshop.

Step 2:

The borrower completes and returns the Student Loan Application Form and other required documents. Student must also bring their Driver License (or state-issued picture ID card) and Social Security card - FAXES and copies are NOT acceptable. Please see the Financial Aid Office for information on other required documents.

Step 3:

L.A. Mission College sends loan information electronically to the US Department of Education for guarantee.

Step 4:

NEW DIRECT LOAN Borrowers: Student must electronically sign the Promissory Note at www.studentloans.gov

US Department of Education sends funds to the LA Community College District.

Step 6:

LA Mission College releases loan funds to the borrower via the new myLACCDcard debit card or Electronic Fund Transfer (EFT), if this option is selected from the www.myLACCDcard.com website, after all applicable fees are deducted and enrollment status is verified.

If you have any questions about the application process, please contact the Financial Aid Office at (818) 364-7648 or send us an email at lamcfinaid@lamission.edu

Disclaimer: Some websites to which the Electronic Financial Aid Office provide links are for the convenience of users and are not managed or maintained by Los Angeles Mission College. The College and the Financial Aid Office do not review, control, or take responsibility for the contents of those sites.